Business

Meta Platforms has laid off around 8,000 employees as part of a major internal restructuring aimed at transforming the company into an artificial intelligence–focused organisation. The job cuts, which represent roughly 10% of its global workforce, began rolling out across different regions, including Asia, Europe, and the United States, with affected staff receiving notification emails early in the morning. The layoffs come as the company intensifies its shift toward A.I. development under CEO Mark Zuckerberg, who has repeatedly described artificial intelligence as the most important technology shaping the future of the company. In addition to the job cuts, Meta has also reassigned about 7,000 employees to new A.I.-driven initiatives, signaling a broader restructuring of its workf...

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5% following the conclusion of its 305th meeting held in Abuja. Naija News understands that all 11 members of the committee attended the meeting, where discussions centred on inflation trends, lending conditions, and the overall performance of the Nigerian economy. CBN Governor, Olayemi Cardoso, announced the decision at the end of the meeting on Wednesday. In addition to retaining the benchmark interest rate, the committee also left all other key monetary policy parameters unchanged, signalling the apex bank’s decision to maintain its current strategy aimed at controlling inflation and preserving financial stability. The latest decision follows the bank’s ...

Nollywood actress, Toyin Abraham, has expressed intense grief and outrage over the recent terrorist invasion of Community High School in the Oriire Local Government Area of Oyo State. Heavily armed men recently stormed the institution, abducting scores of students, the school principal, and several teachers.  Taking to her Instagram page, the filmmaker stated that her heart was deeply heavy over the tragedy. She sympathized with the grieving families, the traumatized community, and the parents whose children were forcefully taken into the forest.  Voicing her frustration over the escalating insecurity, Abraham stressed that no child should have to fear going to school and no family should wake up to the reality of bloodshed. She also directly challenged the Oyo State G...

The Nigerian naira maintained a relatively stable position against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. Official data from the Central Bank of Nigeria’s exchange rate portal indicated that the NFEM rate settled around ₦1,361 per dollar. Throughout the trading session, the rate experienced minor fluctuations, moving between approximately ₦1,355 and ₦1,366 as supply and demand dynamics played out.In the parallel market, Bureau De Change operators in Lagos and Abuja were buying the dollar at approximately ₦1,385 and selling it within a range of ₦1,395 to ₦1,405.These figures varied slightly based on the transaction volume and specific location.Market analysts observed that the narrow sp...

With just 25 days remaining before the kickoff of the 2026 FIFA World Cup, excitement continues to build as football fans across the globe look ahead to the biggest tournament in the sport’s history. The 2026 edition, hosted by United States, Canada and Mexico, will feature a record 48 national teams competing across North America. Historically, Brazil remain the most successful team in World Cup history with five titles, while Germany and Italy have lifted the trophy four times each. Miroslav Klose still holds the record as the highest goalscorer in World Cup history with 16 goals, while Brazilian legend Pelé remains the only player to have won three FIFA World Cups. The 2022 tournament in Qatar also set a new record for the highest number of goals scored in a single World Cu...

Nigerian comedian and activist, MC Okrika, has alleged that his life is under threat following his claims against some officers of the Nigeria Police Force in Cross River State. In a viral video circulating online, the comedian appealed to the Inspector General of Police, the Cross River State Commissioner of Police, and the state government to urgently intervene in the matter. According to him, the alleged threats began after he exposed what he described as misconduct by certain police officers. “As I speak, my life is at risk because I exposed the wrongdoing of some policemen. I recorded and shared a video showing officers allegedly smoking Indian hemp,” he stated. MC Okrika further explained that he chose to speak out after witnessing officers allegedly harassing and extorti...

File Photo: Image depicting a scammer [Google image just for illustrative purpose] Another online investment platform identified as ‘XM Future Music Group,’ popularly known as ‘XM,’ has reportedly collapsed, leaving many Nigerian users stranded and unable to access their funds amid renewed concerns over the rise of fraudulent digital investment schemes. The platform allegedly promised subscribers returns of up to 100 per cent within 30 days through what it described as music streaming and digital task activities. Promoters of the scheme claimed users could earn money by listening to music and carrying out simple online engagements, a strategy that reportedly attracted thousands of Nigerians seeking quick financial returns. According to reports from affected users, subscription ...

Dangote Refinery has dragged the Nigerian government to court over fresh import licenses issued to petrol marketers and the Nigerian National Petroleum Company Limited, NNPCL. According to Reuters, in a filing on Friday, the 650,000-barrel-per-day refinery asked the Federal High Court in Lagos to set aside import permits issued or renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA. Recall that stakeholders have kicked against fresh petrol import licenses issued to six petroleum marketers despite Dangote Refinery having about 79 percent capacity to meet in-country fuel supply demand. In an industrial data released by NMDPRA, the authority stated that in April 2026, Dangote Refinery supplied 79 percent of the country’s petrol consu...

Nigeria’s headline inflation rate climbed to 15.69 per cent in April 2026, according to new figures released by the National Bureau of Statistics. The latest inflation figure represents a 0.31 percentage point increase from the 15.38 per cent recorded in March 2026. Despite the rise, the rate remains significantly lower than the 26.82 per cent reported in April 2025, suggesting inflationary pressures have eased compared with the same period last year. On a month-on-month basis, however, inflation slowed in April. The National Bureau of Statistics said month-on-month headline inflation fell to 2.13 per cent from 4.18 per cent recorded in March, indicating that while prices are still rising, the pace of increase moderated during the month. The data reflects continued pressure on...

The Lagos State Government has banned the use of petroleum tankers for transporting edible oil in a move aimed at strengthening food safety standards and protecting public health. The decision followed a Memorandum of Understanding signed between the Lagos State Consumer Protection Agency, the National Agency for Food and Drug Administration and Control and stakeholders in the edible oil and haulage industries. The agreement came after investigations by NAFDAC uncovered cases where tankers previously used for transporting petroleum products were allegedly being reused to haul edible oil intended for human consumption. Regulators warned that petroleum residues left inside the tankers could contaminate cooking oil and expose consumers to serious health risks, including long-term...